Enforcer24
01-22-2009, 06:09 PM
#2
Registered
Join Date: Aug 2006
Location: Colonial Beach VA
Posts: 629
Likes: 0
Received 0 Likes
on
0 Posts
wow , a thread with my name in it
dont get too excited , its not for everyone
lendmark , a sub-company of BBT
there max is 25k
they will finance almost anyone , but with interest rates that compare to loansharks
with a 606 credit score , and a 1990 boat securing the loan , total 18k , me putting 5k down , interest rate of ............. gulp.......24.75% , puts my payment @ 390 for 5 years
as i said , its not a great find , but for a quick way into an older boat till you (or me) can find a better lender to re-fi it with , they have a market.
i havent signed the papers yet , and am still deciding whether i even will , i have a total of about 10k in cash to put down on something , and have a low milage 2004 SUV that is paid off that i could borrow another 5-6k against at a way better rate.
and i do own my house , and for the time being have a lil equity in it , but my gut says stay away from that , the market is too shaky right now.
hope this helps
dont get too excited , its not for everyone
lendmark , a sub-company of BBT
there max is 25k
they will finance almost anyone , but with interest rates that compare to loansharks
with a 606 credit score , and a 1990 boat securing the loan , total 18k , me putting 5k down , interest rate of ............. gulp.......24.75% , puts my payment @ 390 for 5 years
as i said , its not a great find , but for a quick way into an older boat till you (or me) can find a better lender to re-fi it with , they have a market.
i havent signed the papers yet , and am still deciding whether i even will , i have a total of about 10k in cash to put down on something , and have a low milage 2004 SUV that is paid off that i could borrow another 5-6k against at a way better rate.
and i do own my house , and for the time being have a lil equity in it , but my gut says stay away from that , the market is too shaky right now.
hope this helps
01-23-2009, 01:49 PM
#4
Registered
Join Date: Aug 2006
Location: Colonial Beach VA
Posts: 629
Likes: 0
Received 0 Likes
on
0 Posts
Nice if your the lender , but i try and play devils advocate and have to assume that with lending to damaged credit indeviduals they probably have a pretty high default rate , and with using securing assets that may not bring all there investments back , if they can re-secure the property , they have to make up there money somewhere
man , i have 7 months till the last 2 negatives fall off my credit report , been paying religiously on my house/cars/credit cards for 5 years , no lates at all , no repo's , i'm gonna be looking pretty good to the creditors this fall , hopefully over the magic 700
man , i have 7 months till the last 2 negatives fall off my credit report , been paying religiously on my house/cars/credit cards for 5 years , no lates at all , no repo's , i'm gonna be looking pretty good to the creditors this fall , hopefully over the magic 700
